Beware! Is6.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We don’t know where to start on just how chaotic and careless Is6.com is. We have tried our best to put this scammer broker into some perspective in the following review so please bear with us.
While registering we had the ability to chose between 3 account types and 2 trading platform. The registration area was unlike anything we have seen thus far, and not in any good way. It was confusing to go through, and the end result, i.e the user area was not worth it. Even tough much better and advanced than most scammer user areas, this one nevertheless proved suspicious enough not to trust it. For one, there was no way to access the trading software download link from there, only from the website.
Speaking of the trading software there are two of them, but we accessed only the webs trader. The reason we will speak about later in the review. What readers need to note is that we will be taking the trading information from the web based versions of both the MT4 and MT5. , whihc may or may not coincide with what the site states.
From the MT4 web trader the assets to trade with are only forex currency pairs. The EUR/USD spread is 0 pips, and we noticed that we had been given a demo account automatically. While the MT5 web trader had to offer so much more: forex currency pairs, indexes, and commodities. However, the EUR/USD spread was also there 0 pips, and we were with a default demo account with no apparent way of changing it.
The worrying part was that we did not find any commissions mentioned anywhere, which means that this spread is manipulated. Or, considering that the account was demo, is a default MetaQuotes account that has nothing to do with the broker. Moreover, the website presents so much more trading information that further renders the trading situation more complicated. We are talking about the presence of accounts, the mention of other assets to trade with, multiple spread values, and more (not to mention the tons of internal contradictions). At some point we read that the leverage goes “up to 6000 points” or 1:6000 which is ridiculous and laughable. The trading information is all over the place and very confusing.
IS6.COM REGULATION AND SAFETY OF FUNDS
At least the legal information is simple and straightforward. The broker states to be registered in Saint Vincent and the Grenadines (SVG).
SVG does not have an FX regulator, plus it’s local governing laws are very loose, allowing for misconduct for brokers. So, unless Is6.com has a backup plan, it is fully unregulated in the country.
But Is6.com does not have a plan B. It’s completely unlicensed and a risk to all!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
IS6.COM TRADING SOFTWARE
On the website and user area a user can chose to open either the MT4 and MT5. However, on the site both the MT4 and MT5 downloadable links lead to very shady .exe files that we think contain a malware.
And so we had to access the web trader versions of both. Here’s the MT4:
As we mentioned this MT4 has nothing of interest, giving us only FX pairs and a 0 pips spread. Not that the MT5 is any different.
The only difference is that it gives us two more asset categories to chose form.
But we could not open a live account with any of them, which puts into question all of the trading information that both platforms present. This leads us to believe that the broker has not really acquired any of them, but only their demo version. This is a common tacti used by scammers.
IS6.COM DEPOSIT/WITHDRAW METHODS AND FEES
In order to deposit the user must pass a step called the “SMS certification”, which basically asks the client to contact the account manager, and thus initiate a popular soliciting technique. The same is asked in the withdrawal section.
So the site gives of a $50 minimum deposit for the basic account. But by now the presence of all these accounts just makes the situation worse. There are contradiction between the accounts on the site and those on the user area.
The only payment method revealed on the website is credit or debit cards. Meanwhile, the withdrawal section claims that only bank transfers apply.
For deposits over $200 a fee of $15 will be applied. Meanwhile, upon the second withdrawal request the broker will start charging a 2% fee, where there is a fixed $45 commission if the withdrawal request is below $2000.
Is6.com is one of the worst brokers we have seen all year mainly because of the sheer amount of confusion caused by constant inconsistencies. Do not waste your energy on this one!
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.
